FOR IMMEDIATE RELEASE

Media Contact:
Jenna Eichenbaum
Marketing & Public Relations
Greenspoon Marder
954-491-1120
jenna.eichenbaum@gmlaw.com

Governor Rick Scott Reappoints Greenspoon Marder Shareholder to Board of Trustees for Local College

WEST PALM BEACH, FL (Thursday, January 5 , 2012) – Recognized business and community leader William Berger, Esq., who serves as senior shareholder and litigation group co-chair for Greenspoon Marder, as well as managing shareholder of the firm's Palm Beach County law offices, has been reappointed by Governor Rick Scott to the District Board of Trustees of Palm Beach State College. Berger’s term, which was effective Dec. 22, 2011, will run through May 31, 2015.

The purpose of the district board of trustees is to establish policies in alignment with the college's mission and in accordance with Florida Statutes and the Florida Department of Education Rules. As chairperson, Berger's main role will be to serve as the board advisor to Dr. Dennis Gallon, president of Palm Beach State College.

Berger had previously been appointed as trustee of the college by Governor Charlie Crist in August 2007 and served as vice chairman for a year, before being selected by his peers to serve as chairman in 2010. As a Florida resident for 37 years and Palm Beach county resident for 23 years, Berger will bring to the position his extensive experience and knowledge of the community and college.

“It’s an honor to be serving on the board of such a reputable institution as Palm Beach State College,” said Berger. “Our goal is to continue to make Palm Beach State College the institute of first choice in the county.”

Berger currently heads up business development for Greenspoon Marder and is credited for much of the firm's growth over the last decade. In fact, Greenspoon Marder is one of very few firms which has continued to grow and prosper during the economic downturn. It currently has ten offices in Florida, nearly 140 attorneys, 400 staff and more than 40 different practice areas.

Berger has also served on the Fourth District Court of Appeal Judicial Nominating Commission since 2009, the board of directors of the Business Development Board of Palm Beach County since 2010, and on the board of directors for HomeSafe since 1999. He has also been a trustee of the Boca Raton Chamber of Commerce since 1997 and a trustee for the North Palm Beach Chamber of Commerce since 2005. Berger is also a founding member of the board of directors for Paradise Bank and a trustee for the Chamber of Commerce of the Palm Beaches. He served in the United States Army Reserve from 1967 to 1972. Berger received a bachelor’s degree from the University of Buffalo and a law degree from the Brooklyn Law School.

###

Established in 1981, Greenspoon Marder, P.A. is a full-service law firm with offices in Miami, Fort Lauderdale, Orlando, Tallahassee, West Palm Beach, Boca Raton, Stuart, Port St. Lucie, Naples and Aventura. The firm’s practice is concentrated in the areas of commercial and residential real estate acquisitions and development; timeshare and fractional ownership development; resorts; community association law; zoning and land use; banking and real estate finance; public finance; commercial litigation; corporate securities; corporate tax and transactions; healthcare law; intellectual property; foreclosure and bankruptcy; labor and employment; immigration; international law; tax, estate, probate and elder law; international tax; life settlement; disability insurance and insurance policy issues; family law; sports and entertainment; personal injury; equine law; regulatory compliance and defense. For more information, visit www.gmlaw.com.

FOR IMMEDIATE RELEASE

Media Contact:
Jenna Eichenbaum
Marketing & Public Relations
Greenspoon Marder
954-491-1120
jenna.eichenbaum@gmlaw.com

Greenspoon Marder Named as Top Law Firm

FT. LAUDERDALE, FL (Mon., Dec. 5, 2011) –Greenspoon Marder, a full-service business law firm, has been named by the South Florida Legal Guide as one of the “2012 Top Law Firms” in South Florida. The list is a compilation of nominations by the South Florida Legal Guide’s Top Attorneys and Top Up & Comers for 2012.

Greenspoon Marder also boasts 19 attorneys on the “Top Lawyers” list and one attorney on the “Top Up & Comers” list. Both lists are based on a comprehensive peer nomination procedure.

Attorneys named as “Top Lawyers” include: Mitchell D. Adler, shareholder, commercial litigation; Richard W. Epstein, shareholder, employment and civil litigation; Scott J. Fuerst, shareholder, real estate; Richard H. Gaines, shareholder, commercial and construction litigation; Maurice M. Garcia, of counsel, civil litigation; Gene K. Glasser, shareholder, tax, trusts and estates; Mark F. Grant, shareholder, commercial real estate; Gerald Greenspoon, co-founding and co-managing shareholder, timeshare and resort development; Neal W. Hirschfeld, shareholder, personal injury; William Kramer, shareholder, business, corporate and real estate; Beth-Ann E. Krimsky, shareholder, corporate, business and real estate litigation; Leonard Lubart, shareholder, real estate, condominium and timeshare; Dennis D. Mele, shareholder, real estate, land use & zoning; Michael S. Ross, shareholder, commercial real estate; Carl Schuster, shareholder, trusts and estate planning; Peter R. Siegel, shareholder, commercial litigation and employment; Peter D. Slavis, shareholder, real estate and banking; Barry E. Somerstein, shareholder, real estate; and Mark K. Somerstein, shareholder real estate and banking.

Also, included in the publication’s Top Up & Comers list is Robby H. Birnbaum, shareholder, commercial litigation.

“We’re grateful to be honored by our peers and to have such a talented group of attorneys,” said Greenspoon, “but the greatest recognition comes from 30 years of satisfied clients.”

###

Established in 1981, Greenspoon Marder, P.A. is a full-service law firm with offices in Miami, Fort Lauderdale, Orlando, Tallahassee, West Palm Beach, Boca Raton, Stuart, Port St. Lucie, Naples and Aventura. The firm’s practice is concentrated in the areas of commercial and residential real estate acquisitions and development; timeshare and fractional ownership development; resorts; community association law; zoning and land use; banking and real estate finance; public finance; commercial litigation; corporate securities; corporate tax and transactions; healthcare law; intellectual property; foreclosure and bankruptcy; labor and employment; immigration; international law; tax, estate, probate and elder law; international tax; life settlement; disability insurance and insurance policy issues; family law; sports and entertainment; personal injury; equine law; regulatory compliance and defense. For more information, visit www.gmlaw.com.

DECEMBER 12, 2011

In a Court of Last Resort

Ruden McClosky Used Chapter 11 to Protect Its Sale Plan, Rather Than Perish

By JACQUELINE PALANK

A South Florida law firm recently used bankruptcy to do something no one in the legal industry has done before: sell itself to another firm.

Companies across corporate America seek court protection while they try to sell continuing businesses to potential white knights. But until last week, law firms usually used bankruptcy to shut down.

So the decision by Ruden McClosky, a firm that specialized in real-estate law, to use the bankruptcy process to cinch a $7.8 million cash-and-debt sale to a new owner last Monday has made it something of an innovator in the legal profession.

The deal will likely encourage other troubled law firms to look to bankruptcy court as a place to find help rather than a place to die, restructuring professionals say. "I am seeing much greater interest on the part of law firms that are experiencing financial stress to consider 'out of the box' solutions to their financial dilemmas, including bankruptcy," says Bill Brennan, a principal with legal consulting firm Altman Weil Inc. "I expect that this will become much more common in the very near future."

For years, law firms told their corporate clients to make use of Chapter 11 bankruptcy—which allows businesses to liquidate, reorganize or sell themselves without fearing creditors.

But they themselves largely shunned the strategy, because cutting costs, firing attorneys or finding a merger partner used to be enough to address financial woes. What's more, bankruptcy is expensive.

"History has shown that it's much more costly, and you do not get as much value for the assets," says Leslie D. Corwin, a Greenberg Traurig attorney who specializes in partnership law.

However, some firms are now finding that new competitive pressures, like clients pushing for lower legal fees and bigger firms snatching up work from smaller firms, require more complex solutions. And while law firms used to be willing to merge with another firm that wasn't in perfect financial health, that is no longer the case. "A number of the weaker firms are talking mergers but they're not getting a lot of interest," says legal consultant Alan Hodgart of Huron Consulting Group. "Now, people are being very careful."

Attorneys say the past few years have seen more law firms file for Chapter 11 bankruptcy than previous years, a trend that remains true for most industries after the economy stumbled.

While a few firms managed to get out of bankruptcy intact, many sought court protection after partners voted to close up shop. Attorneys say Ruden McClosky was the first to go in with the idea that it would sell its still-operating firm to another entity.

Founded in 1959, Ruden offered a wide range of legal services. It specialized in real-estate work throughout Florida's construction boom, but the recent bust left the firm in trouble.

A search for a merger partner or buyer eventually caught the eye of Greenspoon Marder, another midsize Florida firm that focuses on real estate. But a merger, which is how law firms commonly join forces, wasn't an option.

"That would have saddled Greenspoon with all of [Ruden's] liabilities," says Paul Steven Singerman, Ruden's bankruptcy attorney. A sale outside of bankruptcy was also not a viable option because of potential obstacles from creditors and former partners, he says.

To protect the fledgling deal and to address nearly $19 million in debt, Ruden turned to the U.S. Bankruptcy Court in Fort Lauderdale, Fla.—not to liquidate or reorganize, but to oversee its sale.

Many attorneys say it is more difficult to challenge a sale that carries the court's stamp of approval. The deal, which closed on Dec. 5, allowed Ruden to pay creditors and saved 130 attorney and nonattorney jobs, according to Mr. Singerman.

"It is rewarding to be able to provide a sense of security and also new opportunities to the people who have been so good to the firm over the years," Michael Krul, Ruden's former managing partner and a new Greenspoon partner, said in an emailed statement. Greenspoon will now employ about 140 attorneys thanks to the 50 new Ruden attorneys joining its ranks. It is a deal that Gerald Greenspoon, the firm's co-founding partner, said made sense.

"From our perspective, we had the opportunity to acquire an incredibly talented and reputable group of professionals," he said in an email.

See article here: http://online.wsj.com/article/SB10001424052970204336104577092583106037076.html

LAW BLOG

December 12, 2011

A First: Law Firm Finds New Life, Not Death, in Bankruptcy

By Jacqueline Palank

A South Florida law firm recently used bankruptcy to do something no one in the legal industry has done before: sell itself to another firm.

Companies across corporate America, from Blockbuster to General Motors, have sought court protection while they try to sell continuing businesses to potential white knights. But until last week, law firms usually used bankruptcy to shut down.

So the $7.8 million cash-and-debt sale of midsize law firm Ruden McClosky out of bankruptcy to fellow South Florida law firm Greenspoon Marder made legal and bankruptcy history, as I reported in this WSJ story. What’s more, the deal will likely inspire other struggling law firms to turn to bankruptcy as a place to find new life rather than a place to die, restructuring professionals say.

That’s because law firms are facing unprecedented financial pressures, brought on by the economic downturn and fierce competition. Past fixes, from layoffs to mergers, are no longer enough to keep the lights on and save jobs.

“I am seeing much greater interest on the part of law firms that are experiencing financial stress to consider ‘out of the box’ solutions to their financial dilemmas, including bankruptcy,” says Bill Brennan, a principal with legal consulting firm Altman Weil. “I expect that this will become much more common in the very near future.”

See article here: http://blogs.wsj.com/law/2011/12/12/a-first-law-firm-finds-new-life-not-death-in-bankruptcy/

Fort Lauderdale, Fla. – November 29, 2011 – Ruden McClosky announces that the United States Bankruptcy Court for the Southern District of Florida has approved the sale of its assets to the Greenspoon Marder law firm. As approved, the sale will result in combined operations totaling approximately 140 attorneys and 400 staff members located in 10 offices throughout the state.

The transaction positions Greenspoon Marder as one of Florida’s largest full-service law firms and provides Greenspoon Marder with greater access to new Florida markets where Ruden McClosky currently maintains a presence, including Miami, Naples and Port St. Lucie. Additionally, the deal bolsters the Greenspoon Marder brand in Fort Lauderdale, where both firms have enjoyed a longstanding history. Currently, Greenspoon Marder also has offices in Aventura, Boca Raton, West Palm Beach, Stuart and Orlando.

“Ruden McClosky has a rich history spanning more than five decades of providing exceptional client service,” said Michael Krul, managing director of Ruden McClosky. “While we will greatly miss the Ruden McClosky brand, we look forward to this next chapter and to continuing to deliver the same level of professionalism for which our firm has always been recognized.”

Approximately 50 Ruden McClosky attorneys will continue their practices under the Greenspoon Marder name, allowing the firm to expand its areas of legal practice to include new and emerging areas of law, such as: corporate securities; healthcare; intellectual property; public finance; international law and international tax.

In approving the sale, the court recognized that the transaction is consistent with the best interests of Ruden McClosky’s creditors and should proceed as anticipated.